Eligibility for UCO Fixed Deposits

The following individuals and entities are eligible to open a Fixed Deposit account with UCO Bank, subject to bank norms.

• 1

  Individual investors

  Resident individuals eligible as per bank guidelines

• 2

  Senior citizens

  Eligible for additional interest benefits

• 3

  Hindu Undivided Families (HUFs)

  Account operated by the Karta or authorised member.

• 4

  Sole proprietorships, partnership firms, and companies

  Subject to submission of valid business documents

• 5

  Minors

  FD can be opened through a parent or legal guardian

Documents Required

Applicants must submit valid documents to open a UCO Bank Fixed Deposit account.

• 1

  Identity Proof

  Aadhaar Card, PAN Card, Passport, or Voter ID

• 2

  Address Proof

  Aadhaar Card, Passport, or utility bill

• 3

  PAN Card

  Mandatory for fixed deposit investment and TDS compliance

• 4

  Senior Citizen Proof (if applicable)

  Valid age proof required to claim senior citizen benefits

Online Fixed Deposit Application

UCO Bank allows customers to open a Fixed Deposit online through net banking or mobile banking without visiting a branch.

1. 1

   Log in to Online Banking

   Log in to UCO Bank net banking or mobile banking using your registered credentials.

2. 2

   Select Fixed Deposit Option

   Choose the Fixed Deposit or Term Deposit option from the available banking services.

3. 3

   Enter Deposit Details

   Enter the deposit amount and select the preferred tenure.

4. 4

   Choose Maturity Instructions

   Select maturity instructions such as auto-renewal or credit to savings account.

5. 5

   Confirm and Submit

   Review the details and submit the request to open the Fixed Deposit.

Offline Fixed Deposit Application

Customers can also open a UCO Bank Fixed Deposit by visiting the nearest branch.

1. 1

   Visit Nearest UCO Bank Branch

   Visit your nearest UCO Bank branch during working hours.

2. 2

   Fill FD Application Form

   Fill in the Fixed Deposit application form with required details.

3. 3

   Submit Documents

   Submit valid identity and address proof documents.

4. 4

   Deposit Funds

   Deposit the FD amount using cash or cheque.

5. 5

   Receive FD Receipt

   Collect the Fixed Deposit receipt after successful processing.

Interest earned on UCO Bank Fixed Deposits is considered taxable income under the “Income from Other Sources” category and must be included in your total taxable income when filing income tax returns. Example: If you earn ₹30,000 as interest from a UCO Bank FD in a year, this ₹30,000 must be included in your income tax return and taxed according to your tax slab.

Tax Deducted at Source (TDS) is deducted by the bank on FD interest if the total interest in a financial year exceeds ₹40,000 (₹50,000 for senior citizens). The standard rate is 10% TDS on the amount exceeding the threshold, provided you have furnished your PAN; if PAN is not provided, the TDS rate may increase. Example: If your FD interest income in a year is ₹60,000 and you have provided PAN, UCO Bank may deduct 10% TDS on ₹10,000 (i.e., interest above ₹50,000 for seniors or ₹40,000 for regular).

If your total income is below the taxable limit, you can file a self-declaration (such as Form 15G or 15H) with the bank to avoid TDS deduction, even if your FD interest crosses the basic exemption limit. Example: If your total income is below the tax threshold and your FD interest is ₹45,000, you may submit Form 15G/15H so the bank does not deduct TDS.

UCO Bank’s Tax Saving Fixed Deposit qualifies for a tax deduction under Section 80C of the Income Tax Act, up to a maximum of ₹1.5 lakh in a financial year, provided the deposit is for a fixed 5-year tenure. Premature withdrawal is not permitted under this scheme. Example: If you invest ₹1,50,000 in a UCO Bank Tax Saver FD, you may claim this amount as a deduction under Section 80C, which can lower your taxable income for the year.

Senior citizens have a higher TDS exemption limit on FD interest (₹50,000 per year) and can also utilize Form 15H to avoid TDS if their total income is below the taxable threshold. However, the interest remains taxable and must be declared on the tax return. Example: A senior citizen earning ₹55,000 as FD interest in a year may avoid TDS on the first ₹50,000 by submitting Form 15H, but the full ₹55,000 still needs to be included in the tax return.

What is the minimum amount required to open a UCO Bank Fixed Deposit?

The minimum deposit amount generally starts from ₹1,000, depending on the FD scheme.

Do senior citizens get higher interest rates on UCO Bank FDs?

Yes, senior citizens are eligible for additional interest rates over regular FD rates.

Is premature withdrawal allowed on UCO Bank Fixed Deposits?

Yes, premature withdrawal is allowed, but a penalty may be applicable.

Are UCO Bank Fixed Deposits safe?

Yes, UCO Bank is a public sector bank, making its fixed deposits safe and reliable.

Can I open a UCO Bank Fixed Deposit online?

Yes, UCO Bank allows customers to open Fixed Deposits through online banking as well as by visiting a branch.